Financial Restructuring and Bankruptcy Law

Article 199 — Article (199) Submitting the Final Account on Bankruptcy Proceeding Ended in Composition

Part Three: Declaration of Bankruptcy · Chapter Eleven: Execution and Effects of Composition

1. The trustee shall submit to the Bankruptcy Department a final account on the bankruptcy proceeding within (10) ten days from the date of issuance of the decision to terminate the bankruptcy proceeding due to composition, and the Bankruptcy Department shall notify the debtor of the final account within (10) ten days from the date of its submission. 2. The debtor may object to the final account within (10) ten days from the date of his notification and submit the objection to the Bankruptcy Department. The trustee shall be notified thereof within (10) ten days from the date of its submission, and the trustee shall respond to the objection, not later than (10) ten days following his notification. The Bankruptcy Department shall, within ten (10) days from the expiry of the deadline granted to the trustee to respond, refer the objection file to the Bankruptcy Court to decide on the objection, accompanied by a memorandum of its opinion on the objection.

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